GLOBAL - The bankruptcy estate of Kefren Properties IX has launched a website containing information on the 146 properties owned by the company's subsidiary companies, with a total value of SEK4.3bn (€477m).
On 15 April 2011, a bankruptcy petition was filed against Kefren Properties IX by the senior lenders, represented by Capita Asset Services (London) in its capacity as security trustee.
The petition was part of a plan to divest the properties in an orderly fashion, mainly through public auctions.
The website includes a description of the sales process, investment memorandums and a valuation for each individual property.
The portfolio includes nearly 150 properties, including offices (45%), warehouse/storage (18%), industrial (15%) and retail (10%).
For more information, click here.
In other news, Union Investment has acquired the Breisgau Center in Freiburg for its new retail fund and has "more transactions in the pipeline" for UII Shopping Nr. 1.
The deal is the first acquisition for its new real estate fund for institutional investors.
The vendor of the 16,727-square-metre complex is a property company operated by Hamburg-based Newport.
The parties have agreed not to disclose details of the purchase price.
The subscribed capital for the retail fund already stands at around €300m, and Union said it was confident of achieving its target volume of €750m, including debt finance of 30-40%, by the end of 2012.
The thematic fund will invest primarily in shopping centres across Europe, with retail parks and trophy buildings in high street locations also being considered.
Meanwhile, Harris Lamb has sold the Titan Business Centre in Warwick on behalf of LaSalle Investment Management for £9.9m.
The 135,160-square-foot, 10-unit industrial centre was sold to clients of CB Richard Ellis Investors.
Built in 1989, the Titan Business Centre is situated on the southern boundary of the Tachbrook Park Business Park development to the south of Leamington Spa town centre.
Maclaren and Partners advised on the deal.
Finally, US Republic Core Fund, an affiliate of USAA Real Estate Company, RXR Realty and Broadway Partners have recapitalised 340 Madison Avenue, an approximately 750,000-square-foot Class A office building located in midtown Manhattan's Grand Central submarket.
As part of the recapitalisation, the joint venture has obtained new 12-year first mortgage financing from Cornerstone Real Estate Advisers.
USAA said the three parties would share control of the asset.